Binance Covers $6 Billion Theft to Protect Users
Binance tapped its emergency fund so customers will not lose money after a massive cyber attack.
Hackers stole billions in crypto cash. Yet, users wake up with their money safe in their accounts. Binance promises that customers will not lose a single dime.
Criminals linked to North Korea pulled off the massive six billion dollar heist. Binance co-CEO Richard Teng stepped up with a fast solution. The company tapped its own emergency reserves to patch the giant hole.
The team moved fast. Teng says Binance already replaced 98 percent of the missing funds. The exchange keeps safety pools ready for days like this.
Crypto platforms face constant digital attacks. Strong backup vaults help keep your funds secure when bad actors strike. Always check how your favorite exchange guards your wallet before you invest.
Source: Fox Business
More from Markets
